Estimated tax payments - how to ensure that the payments are properly accounted for when filing tax return?

[mulleryi]

Dear TurboTax Community,

My wife and I sold a significant amount of mutual funds in 2024. We calculated the estimated tax on the gains and have already made the necessary estimated tax payments. Could you please help me understand how to ensure that the estimated taxes we’ve already paid are properly accounted for when filing our 2024 tax return? I plan to continue using TurboTax, though I have not yet decided between Deluxe or Premier. Any suggestions?  I want to avoid paying tax on the capital gains twice.  Additionally, I need to make sure that my 30-year mortgage is properly considered in the filing.

Thank you very much for your help! Please don’t hesitate to let me know if I can provide any additional information.

Thanks again!

[xmasbaby0]

 Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes 

[xmasbaby0]

Additionally, I need to make sure that my 30-year mortgage is properly considered in the filing.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2024  You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February or you may be able to import the 1098 from the lender’s website.

[mulleryi]

Would Turbotax deluxe (desktop version) be sufficient for this two purposes (estimated tax and 30-year mortgage)?

Thanks! 

[xmasbaby0]

Yes.   Every version of the desktop download has all of the forms and all of the schedules.

[baldietax]

re TT version/purchase note Amazon has significant discount at the moment, maybe others, authorized retailer list here.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/obtain-authentic-t...

the TT purchase site has high level comparison of the versions, I've always used premier for any additional features related to investments, tax history etc.  Given the discounted price why not just get premier.

https://turbotax.intuit.com/personal-taxes/cd-download/

Re your estimated tax you'll be able to input these on the deductions screens as others have indicated, you certainly shouldn't pay twice the question is any penalty due to timing - if your sales and estimated taxes were large and uneven timing throughout the year you may need to specify the timing by quarter on Form 2210 to avoid/reduce any penalty.

[SteamTrain]

BUT...if you buy from Amazon, if you need to file state income taxes, don't buy the $37 Deluxe.

....that does not contain a free state download....the $45 Deluxe one does.